Where personal loan rates stand this month
There is no single "personal loan rate" the way there is a 30-year mortgage rate, so we track three benchmarks that measure different slices of the market. Read together they say the same thing: a typical borrower with a roughly 700 credit score pays about 12% APR, excellent-credit borrowers pay about half that, and fair-credit borrowers pay roughly double.
| Benchmark | Latest reading | What it measures | Source and date |
|---|---|---|---|
| Fed G.19 bank average | 11.90% | Most common rate on a 24-month unsecured loan at reporting commercial banks | Federal Reserve, data for Aug 2026, released Oct 7, 2026 |
| Bankrate Monitor | 12.55% | Average offer for a 700 FICO borrower, $5,000, 36 months, across Bankrate-tracked lenders | Bankrate, October 2026 |
| NCUA credit union average | 10.74% | 36-month unsecured fixed-rate loan at federally insured credit unions (banks: 12.02%) | NCUA / S&P Global, latest published comparison |
| Lowest advertised APR | 5.96% | Floor rate among major national lenders; requires excellent credit, short term, autopay | Bankrate lender survey, October 2026 |
| Credit card APR (for comparison) | 22.36% | Average on card accounts assessed interest | Federal Reserve G.19, Aug 2026 |
The Fed figure is lower than Bankrate's partly because it covers banks only; online lenders, which now originate about 45% of new personal loans according to TransUnion, price a wider range of credit profiles and charge origination fees that are included in APR.
How rates have moved since 2021
Personal loan rates rose about 2.5 points between 2021 and 2024 as the Fed tightened, then settled into a narrow band. The six most recent Fed readings have all landed between 11.1% and 11.9%, with August 2026 the highest since 2024.
Fed G.19 24-month personal loan rate, last six readings
Percent APR at commercial banks. The series is published for February, May, August and November.
| Year | 24-mo personal loan | Credit cards (assessed interest) | Spread |
|---|---|---|---|
| 2021 | 9.38% | 16.45% | 7.07 pts |
| 2022 | 9.87% | 17.91% | 8.04 pts |
| 2023 | 11.87% | 22.15% | 10.28 pts |
| 2024 | 12.27% | 22.89% | 10.62 pts |
| 2025 | 11.50% | 22.32% | 10.82 pts |
| Aug 2026 | 11.90% | 22.36% | 10.46 pts |
The practical takeaway is the spread, not the level. A personal loan has been roughly 10 points cheaper than carrying a card balance since 2023, which is why debt consolidation remains the most common stated reason for borrowing.
Personal loan rates by credit score
Credit score is the single biggest driver of your APR. The ranges below reflect published rate sheets from banks, credit unions and online lenders in 2026 and pre-qualified offer data reported by Bankrate and NerdWallet. The payment column is our own amortization math for a $10,000 loan over 36 months and excludes origination fees.
| Credit tier | FICO range | Typical APR | $10,000 / 36 mo payment | Total interest |
|---|---|---|---|---|
| Excellent | 720–850 | 6.5% – 12% | $307 – $332 | $1,040 – $1,960 |
| Good | 690–719 | 10% – 17% | $323 – $357 | $1,620 – $2,840 |
| Fair | 630–689 | 17% – 28% | $357 – $414 | $2,840 – $4,890 |
| Poor | 300–629 | 28% – 36% | $414 – $458 | $4,890 – $6,480 |
Two things the table cannot show. First, lenders use different scoring models (FICO 8, FICO 9, VantageScore 4.0), so the same report can land in two tiers. Second, online lenders serving fair and poor credit almost always add an origination fee of 1%–12%, which is already inside the APR ranges above but means you receive less cash than you borrow. Our bad-credit loan guide covers lenders that look beyond the score.
Banks vs. credit unions vs. online lenders
Where you borrow matters almost as much as your score. Federal credit unions operate under an 18% APR ceiling set by the National Credit Union Administration, banks price a narrower band of mostly prime borrowers, and online lenders span the whole spectrum from 6% to 36%.
| Lender type | Typical APR range | Average (where published) | Origination fee | Best suited to |
|---|---|---|---|---|
| Credit unions | 7% – 18% | 10.74% (NCUA, 36-mo) | Usually none | Members with fair-to-good credit; smaller loans from $500–$600 |
| Banks | 7% – 25% | 11.90% (Fed, 24-mo) | Rare | Existing customers with good credit; relationship discounts |
| Online / fintech lenders | 6% – 36% | 12.55% (Bankrate, 700 FICO) | 0% – 12% | Fast funding, thin files, fair credit; also the lowest floors for excellent credit |
Online lenders originated 45.0% of new unsecured personal loans in Q1 2026 (TransUnion), up from 39.8% a year earlier, while banks fell to 10.8%. If your score is above 700, the cheapest offer is often a fee-free online lender or your own credit union; below 660, credit unions are frequently the only route to a rate under 18%. See our lender reviews for current terms at twelve national lenders.
How the repayment term changes your rate and total cost
Lenders price longer terms higher because more can go wrong over five or seven years. Credible marketplace data for March 2026 showed average rates of 13.42% on three-year loans versus 17.91% on five-year loans. Even at the same APR, a longer term costs more because interest accrues for longer. Here is $10,000 at a flat 12% APR:
| Term | Monthly payment | Total interest | Total repaid |
|---|---|---|---|
| 24 months | $471 | $1,298 | $11,298 |
| 36 months | $332 | $1,957 | $11,957 |
| 48 months | $263 | $2,640 | $12,640 |
| 60 months | $222 | $3,347 | $13,347 |
| 84 months | $177 | $4,829 | $14,829 |
The seven-year option roughly halves the payment of the three-year option but more than doubles the interest, and in practice the seven-year APR would be several points higher still. Choose the shortest term whose payment you could keep making through a bad quarter.
The Fed, the prime rate and why personal loans lag
On September 16, 2026, the Federal Open Market Committee raised the federal funds target range by 0.25 points to 3.75%–4.00%, its first increase since July 2023, and held it there on October 28 by a 10–2 vote with two members preferring a further hike. The next decision is due December 9, 2026. The prime rate, which banks use to price variable products like credit cards and HELOCs, moved to 7.00% with the September hike.
Personal loan rates respond to Fed moves more slowly and less completely than card rates, for three reasons: most are fixed-rate so lenders price in the whole term, credit risk (default rates) matters more than funding cost at the margin, and competition among online lenders compresses the band. Bankrate's analysis found that more than a full percentage point of Fed cuts between September 2024 and early 2026 lowered the average personal loan rate by only about 0.15 points. Expect the same inertia in the other direction: the August 2026 Fed reading of 11.90% may edge higher in the November 2026 and February 2027 data, but a jump of a full point would be unusual.
If you are already shopping: a fixed-rate personal loan locks in today's price. A card balance at 22.36% will follow prime upward with each Fed increase; a loan at 11.90% will not.
Seven ways to get a lower personal loan rate
- Pre-qualify with at least three lendersSoft inquiries do not affect your score, and offers for the same borrower routinely differ by 3–6 points of APR. Include one credit union.
- Take the autopay discountLightStream, SoFi, Upgrade and most credit unions cut 0.25–0.50 points for automatic payments from a checking account.
- Choose a shorter termA 36-month loan is typically priced 2–4 points below a 60-month loan from the same lender.
- Pay card balances below 30% of limits firstUtilization is the fastest score lever. Dropping from 60% to 30% can move a 680 score into the 700s within one or two statement cycles.
- Compare APR, not interest rateA "no-fee" 13% offer can beat an "11%" offer carrying a 6% origination fee. The Truth in Lending disclosure shows the all-in APR.
- Add a co-borrower or collateralJoint applications (Upgrade, Happen Bank, PenFed) and secured loans backed by a vehicle or savings (Best Egg, OneMain, most credit unions) price lower.
- Borrow only what you need, when you need itLarger loans and longer terms both raise APR; a smaller principal also shrinks any percentage-based origination fee.
Estimate a payment at today's rates
Personal loan payment calculator
Defaults to the Fed's August 2026 bank average. Drag to match a quote you received.
Excludes origination fees. For a side-by-side with a credit card balance, use the calculator on our homepage.
Personal loan rate questions
What is the average personal loan interest rate right now?
Two benchmarks are widely used. The Federal Reserve's G.19 release (October 7, 2026) puts the average 24-month personal loan rate at commercial banks at 11.90% for August 2026. Bankrate's Monitor survey, which assumes a 700 FICO score, a $5,000 loan and a three-year term, reported 12.55% for October 2026. Credit unions averaged about 10.7% on 36-month unsecured loans in the latest NCUA comparison.
What is a good personal loan interest rate?
Anything below the current average for your credit tier is good. With excellent credit (720+), rates of roughly 6.5%–12% APR are competitive in late 2026; with good credit (690–719), 10%–17%; with fair credit (630–689), 17%–28%. The lowest advertised rate among major lenders is about 5.96%–6.2% and requires excellent credit, a short term and usually autopay.
Are personal loan rates going up or down?
They have been roughly flat for two years. The Fed average moved between 11.1% and 12.3% from 2023 through August 2026. The Federal Reserve raised its policy rate by 0.25 points on September 16, 2026, to 3.75%–4.00% and held it there on October 28, so the next readings are more likely to tick up than down. Personal loan rates react slowly to Fed moves: Bankrate noted that more than a full point of Fed cuts from September 2024 onward lowered the average personal loan rate by only about 0.15 points.
Why is my rate higher than the average?
Averages describe a borrower with a roughly 700 FICO score borrowing a mid-sized amount over three years. A lower score, a higher debt-to-income ratio, a longer term, a smaller or larger loan, or an online lender that charges an origination fee can each move your APR several points above the average.
Does the Fed rate decision change my existing loan?
No. Nearly all personal loans carry fixed rates, so a Fed increase or cut changes new offers only. Credit cards and HELOCs are variable-rate products and do move with the prime rate, which is why consolidating card debt into a fixed-rate loan locks in today's price.
How often are the figures on this page updated?
The Fed G.19 personal loan series is published quarterly (data for February, May, August and November). We update within a week of each release and after each Bankrate monthly reading. The "last reviewed" date at the top of the page records the most recent check.
Sources and methodology
Benchmarks are quoted exactly as published by their sources and dated. Credit-tier ranges are our synthesis of lender rate sheets and marketplace data and are reviewed monthly. Payment figures are standard amortization calculations. Next scheduled update: after the Fed's January 2027 G.19 release.
- Board of Governors of the Federal Reserve System, Consumer Credit – G.19, release of October 7, 2026; series TERMCBPER24NS and TERMCBCCINTNS. federalreserve.gov
- Federal Reserve Bank of St. Louis, FRED, historical values 2021–2026. fred.stlouisfed.org
- Bankrate, Average personal loan interest rates, October 2026 (12.55%; lowest 5.96%) and rate-forecast commentary. bankrate.com
- National Credit Union Administration, Credit Union and Bank Rates comparison (36-month unsecured: 10.74% vs 12.02%). ncua.gov
- Federal Open Market Committee statements of September 16 and October 28, 2026. federalreserve.gov
- TransUnion, Q2 2026 Credit Industry Insights Report (origination share by lender type). newsroom.transunion.com
- Credible, Personal loan interest rates, March 2026 (3-year vs 5-year averages). credible.com